Slough Estates has dropped out of the race to develop a 270,000 sq ft retail scheme in Newbury, Berkshire. The decision comes as part of an increased focus on industrial property, and the sale of the company’s retail assets to Land Securities last week.
Taylor Woodrow and Simons Developments have been added to the shortlist in Slough’s place. Also on the list are London & Amsterdam Developments, a subsidiary of ING Real Estate Development, and a joint venture between Standard Life and Shearer Property Group.
The Park Way development site is in the centre of Newbury and has been earmarked for 270,000 sq ft of retail space, including a new department store.
The shortlisted parties have until mid-November to submit detailed proposals. West Berkshire Council is expected to name a preferred developer early in 2005.